Is 2024 The Worst Year to Buy a House?

In January 2023 everyone was talking about the property market crashing, but it’s January 2024 and nothing’s happened…or has it?

In this video, we’re going to look at why a crash was forecast for 2023, the signs that it might now have started… and how you can use this to your advantage.

So let’s have a look at what happened in 2023, why the crash may have already started and how this could potentially be great news for investors…

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We’d love to hear what you think in the comments below. You might even have a topic you’d like us to cover in the future - if so, comment it below.

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[robmthest]

If you are buying a house for a home then there is never a bad time to buy. If you are buying as an investment then you are part of the problem.

[TruthTeller]

No. It’s like trying to time the stock market. Buying at any time is fine, as long as you plan on keeping long term.

[johnmerriam]

You need to distinguish between average house price and average transaction value.
Fewer properties have been selling at the lower end of the market so the data is skewed.

[stevep]

UK average house price in Aug 2021 was £260, 575. in Jun 2022 it was £286, 436 and in Jul 2022 they were £292, 118. The ONS in the July 2022 Bulletin reported a yearly house price rise of 15.5% and a monthly rise of 7.4%. Do the maths and the real rise was 11.4% for the year and 1.9% for the month. That is a 400 billion mis-reporting in 1 month when things were good. The ONS now say due to a 22% reduction in house sales they are only able to process 50% of usual volumes. If the ONS was a large company they would be charged with fraud. This is a Ponzi con and it must be outed. Look at any postcode by going to Land registry sold house prices and you will see any smart person is getting a 30% reduction and the rest are being fooled by estate agents. Get 30% off (the real low estimate and not the asking price) or walk away.

[AlexColes-wnjg]

More selling pressure in 2024 than 2023 due to refinancing demands. We had a big downturn in consumer spending too on the recent consumer print.. this is a sign that all isn't right in the economy and then a new variable might kick off which is rising unemployment.

[YT_Loz]

Everyone seems to assume rates will come down from here. If they don't it feels like a lot of people's plans will go out the window. There's certainly a macro case to make that rates could have a lot higher to go.

[barry]

As a country we need to stop encouraging buy to let, that combined with selling off the housing stock has broken the housing market. Sure I've profited personally but that doesn't mean the system is right.

[lovefootball]

In the past an average annual income will be substantially able to cover the costs of living expenses for a family provided by a single earner. However recently it takes both couples to make ends meet by increasingly working multiple jobs to support their families

[SilverWong-yoiu]

Everyone is talking about
UK AVERAGE house price not falling much, but this is only because of common downsizing now, pushing up average price. Does UK get UK house prices by sector, 1 br, 2br...flat and 1, 2 ...5 br house?

[stevenhodgson]

No, the recent price dip mean its a good time to buy if you're willing to invest long term. Even if the incoming government inceat heavily in building social housing, it will take a while before it has a significant impact on the rental market.

[Marco-cdjb]

"In the Country of the Blind, the One-Eyed Man is King" - Erasmus
Respectfully, it is irresponsible to suggest interest rates are unlikely to increase. A study of economics, associated policy, and history dispels such hypothesis. Viewers should be wary of recency bias and make a careful study the period predating the 1990's along with the medium average interest rate since the BOE's inception in 1694. This is reality - not speculation.

[Odysseus]

Mortage monthly payment should be 80-85% of your monthly rental payment so you can cover fees and left with a 5% profit

[tedmagnum]

Only 30% of UK homes are mortgaged. And only a fraction of those are people who want to move. So there is no drastic event causing a crisis in thr housing market.

[Ridny_dim]

Я гадаю, що падіння або ріст ціни правельно рахувати до національної валюти, а якщо заробітна плата не росте а все подорожчало, то у людей лишається менше вільних грошей, і вони будуть купувати і орендувати дешевші варіанти - а це спричинить зниження ціни або просто зупинить ріст цін.

[SycAamore]

I agree that some regions are still OK to invest in. However, that's getting very limited. I'm here in the South East, and I think it's a lunacy to bury your money in any property. The ceiling of additional equity growth has been reached. This was enormously accelerated by the +25% increase that happened in just 2 years during Covid. That should have been spread over a number of years, but here we're...Regarding potential "hotspots" in the North, that's probably OK for the rental yield. But not sure about capital growth...That would imply they'll reach the levels that we currently have in the South East? Will salaries in the North match the salaries in London? Hmmm....

[youtubeman]

I spend all my money and some I don’t have on houses to rent out, there’s some bargains out there and lots of cash buyers out there, 2024 is a good year to buy,

[Thurmatron]

I have never lost a penny on the 3 houses I’ve bought and sold since I bought my first in 2007. There’s never a wrong time to buy.

[godsakes]

Never a good time to get into the housing market, just get on when you can afford it and ideally buy as big as you can go - if you get through the next 10yrs you'll think to yourself that you wouldn't be able to afford it now (heard that from home owners when I first bought and now I think that myself).

It's not that I think houses are worth their prices but guaranteed over time money gets devalued & thus inflate assets, sadly it doesn't pay to be too prudent, it pays to take on debt (assuming you can get a decent rate) and have inflation (in relative terms) shrink it away over the years.

[michaelmallal]

In Oz inflation is supposed to be over, thanks to the interest rate hikes.

[Andyc]

Biggest thing you forgot for 2024.... election and the incoming Labour government will surely rock the market for investors who will more than likely sit tight for a short period to see what happens